Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<p>JW Therapeutics raised HKD 2,197 million (USD 387m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow November 2nd.</p>
<p>n our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for the BCMA target. The company's T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell have good potential as well. </p>
<p>In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership in CAR-T therapy.  However, we note that both Legend Biotech and Immunotech Biopharm have fallen substantially from their peak, which doesn't bode well for JW Therapeutics' listing. </p>
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<h2>Our previous coverage on JW Therapeutics</h2>
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<p><a href="https://www.smartkarma.com/insights/jw-therapeutics-pre-ipo-car-t-leader-in-china" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) Pre-IPO: CAR-T leader in China</a></p>
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<p><a href="https://www.smartkarma.com/insights/jw-therapeutics-pre-ipo-pricing-with-in-license-potential" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) Pre-IPO: Pricing with in-license potential</a></p>
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<li dir="ltr"><a href="https://www.smartkarma.com/insights/jw-therapeutics-ipo-free-options-for-potential-license-in" target="_blank" rel="noopener">JW Therapeutics (药明巨诺) IPO: Free Options for Potential License-In</a></li>
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JW Therapeutics raised HKD 2,197 million (USD 387m) from its global offering and will list on the Hong Kong Stock Exchange tomorrow November 2nd.
n our previous note, we discussed that the company is backed by a strong shareholder Juno, and has a strong foundation in the technology underlying the CAR-T therapy, which is demonstrated by its superior safety data for its Relma-cel. In addition to the CD19 target, the company has also obtained the technology for the BCMA target. The company's T-cell receptor-based pipeline products for solid tumor (liver cancer) with anti-T cell exhaustion enhancement based on the technologies from Eureka and Lyell have good potential as well. 
In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership in CAR-T therapy.  However, we note that both Legend Biotech and Immunotech Biopharm have fallen substantially from their peak, which doesn't bode well for JW Therapeutics' listing. 

Our previous coverage on JW Therapeutics




JW Therapeutics (药明巨诺) Pre-IPO: CAR-T leader in China


JW Therapeutics (药明巨诺) Pre-IPO: Pricing with in-license potential

JW Therapeutics (药明巨诺) IPO: Free Options for Potential License-In



JW Therapeutics (药明巨诺) IPO Trading: Peer Performance Doesn't Support a Strong Debut

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p style="text-align: justify;">On October 18, after two months of waiting, <a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a> finally received a positive reply from the HKEX. This means that after <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> becomes China's first listed company for CAR-T therapy, JW Therapeutics will soon become the second one in the same field.</p>

On October 18, after two months of waiting, JW Therapeutics (2126 HK) finally received a positive reply from the HKEX. This means that after Legend Biotech Corp (LEGN US) becomes China's first listed company for CAR-T therapy, JW Therapeutics will soon become the second one in the same field.

JW Therapeutics - Concerns Are in the Short Term but Still Promising in the Long Term

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p>Established in 2008, <a href="https://www.smartkarma.com/entities/remegen-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Ltd (1788976D CH)</a>  is a commercial-ready biopharmaceutical company for the treatment of autoimmune, oncology and ophthalmic diseases.</p><p>Two of the company’s core product candidates Telitacicept (RC18) and Disitamab Vedotin (RC48) have been accepted by NMPA and were granted priority review. The company expects to receive approval from the NMPA for the above two drug candidates in 4Q2020 and 2Q2021 respectively.</p><p>The company has filed to list its shares on the Hong Kong Exchange and plans to raise around US$400m. In this insight, we examine the company’s product pipeline, its core drug candidates and their potential.</p>

Established in 2008, Remegen Ltd (1788976D CH)  is a commercial-ready biopharmaceutical company for the treatment of autoimmune, oncology and ophthalmic diseases.Two of the company’s core product candidates Telitacicept (RC18) and Disitamab Vedotin (RC48) have been accepted by NMPA and were granted priority review. The company expects to receive approval from the NMPA for the above two drug candidates in 4Q2020 and 2Q2021 respectively.The company has filed to list its shares on the Hong Kong Exchange and plans to raise around US$400m. In this insight, we examine the company’s product pipeline, its core drug candidates and their potential.

RemeGen IPO: Key Drugs Show Promising Potential

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<p><a href="https://www.smartkarma.com/entities/remegen-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Ltd (1788976D CH)</a> is a biopharmaceutical company with a focus on the development and commercialisation of innovative and differentiated biologics for the treatment of autoimmune, oncology and ophthalmic diseases. RemeGen aims to raise proceeds of $400 million through a Hong Kong IPO, according to press reports.</p><div class="content-highlight"><p>RemeGen currently has a pipeline of more than ten drug candidates. Among the drug candidates, five are in clinical development stage targeting 17 indications and more than five are in IND-filed or IND-enabling stage. The three core drug candidates are <em>telitacept</em>, <em>disitamab vedotin</em> and <em>RC28</em>. Overall, we believe that the prospectus RemeGen’s core drug assets are favourable. </p></div>

Remegen Ltd (1788976D CH) is a biopharmaceutical company with a focus on the development and commercialisation of innovative and differentiated biologics for the treatment of autoimmune, oncology and ophthalmic diseases. RemeGen aims to raise proceeds of $400 million through a Hong Kong IPO, according to press reports.RemeGen currently has a pipeline of more than ten drug candidates. Among the drug candidates, five are in clinical development stage targeting 17 indications and more than five are in IND-filed or IND-enabling stage. The three core drug candidates are telitacept, disitamab vedotin and RC28. Overall, we believe that the prospectus RemeGen’s core drug assets are favourable. 

<p>Established in 2016, <a href="https://www.smartkarma.com/entities/jw-therapeutics" target="_blank" data-smartkarma-citation="entities:29679:1" rel="noopener">JW Therapeutics (2126 HK)</a> is a JV between Juno Therapeutics (Juno is indirectly owned by Bristol Myers Squibb) and Wuxi AppTec. The company is a leading clinical and pre-clinical stage cell therapy company in China focused on advanced cell-based immunotherapies.</p><p>The company’s core product candidate, relma-cel is an autologous anti-CD19 CAR-T therapy for relapsed or refractory B-cell lymphoma, that is currently accepted for NMPA review and was granted priority review status in September 2020.</p><p>The company has filed for an IPO on the Hong Kong Stock Exchange to raise about HK$2.14bn (US$276m) at the midpoint of the indicative IPO price range.</p><p>The company has entered into cornerstone investment agreements with several investors including Rock Springs Capital and Four Pines Master Fund, Platinum Investment Management, Veritas Asset Management, etc. These cornerstone investors have agreed to subscribe for an aggregate amount of US$150m (approximately HK$1.17bn) worth of shares.</p><p>In this insight, we take a look at the company’s drug candidates, core product relma-cel and its potential and the attractiveness of the company’s valuation based on future cashflows from relma-cel.</p>

Established in 2016, JW Therapeutics (2126 HK) is a JV between Juno Therapeutics (Juno is indirectly owned by Bristol Myers Squibb) and Wuxi AppTec. The company is a leading clinical and pre-clinical stage cell therapy company in China focused on advanced cell-based immunotherapies.The company’s core product candidate, relma-cel is an autologous anti-CD19 CAR-T therapy for relapsed or refractory B-cell lymphoma, that is currently accepted for NMPA review and was granted priority review status in September 2020.The company has filed for an IPO on the Hong Kong Stock Exchange to raise about HK$2.14bn (US$276m) at the midpoint of the indicative IPO price range.The company has entered into cornerstone investment agreements with several investors including Rock Springs Capital and Four Pines Master Fund, Platinum Investment Management, Veritas Asset Management, etc. These cornerstone investors have agreed to subscribe for an aggregate amount of US$150m (approximately HK$1.17bn) worth of shares.In this insight, we take a look at the company’s drug candidates, core product relma-cel and its potential and the attractiveness of the company’s valuation based on future cashflows from relma-cel.

JW Therapeutics: Limited Upside from the Top End; Further Potential if Other Drugs Become Successful

China

JW Therapeutics is a clinical-stage cell therapy company focused on developing, manufacturing, and commercializing breakthrough cell-based immunotherapies for hematological cancers and solid tumors. Its lead product is Carteyva (relmacabtagene autoleucel), an autologous anti-CD19 CAR-T therapy. The company is headquartered in Shanghai, China, and was founded in 2016.

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JW Therapeutics (2126 HK)

JW Therapeutics (药明巨诺) IPO Trading: Peer Performance Doesn't Support a Strong Debut

In this note, we will look at the allocation and implications. We think the IPO valuation is reasonable with long term upsides given its leadership...

Ke Yan, CFA, FRM

JW Therapeutics - Concerns Are in the Short Term but Still Promising in the Long Term

This article analyzed the concerns (market size, high cost, financial performance, etc.) for JW Therapeutics in the short run but also include...

Xinyao (Criss) Wang

RemeGen IPO: Key Drugs Show Promising Potential

RemeGen is a commercial-ready biopharmaceutical company who has filed for an IPO on the HKEX. In this insight, we explore the company's core drug...

Shifara Samsudeen, FCMA, CGMA

RemeGen IPO Initiation: Seeking a Cure

RemeGen currently has a pipeline of more than ten drug candidates. Overall, we believe that the prospectus RemeGen’s core drug assets (telitacept,...

Arun George

JW Therapeutics: Limited Upside from the Top End; Further Potential if Other Drugs Become Successful

In this insight, we take a look at the company’s drug candidates, core product relma-cel and its potential and the attractiveness of the company’s...

Shifara Samsudeen, FCMA, CGMA

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